Trish: Markets Drop As Amazon Reports Weak Sales

Could the rapid growth of big tech be slowing down?

That’s the question investors are grappling with in Friday trading.

The fear comes after Amazon’s disappointing earnings report. The company did not meet expectations on sales growth.

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Adding to the concerns, investors are growing increasingly worried about the regulatory crackdown on Chinese tech companies.

Meanwhile, the spread of the delta variant in emerging markets is not helping stocks, either.

Economists wonder whether U.S. consumers will continue their rapid increase in spending. According to data released Friday morning, spending in June was higher…with household spending increasing 1%. But, economists worry the recent increase in Covid-19 cases may hinder that growth. (Market story continues below.)

Equities

U.S. stock futures dropped as investors were concerned about the slowing growth of big tech.

Level Chg. Chg. %
DOW Futures 34,868.00 -106.00 -0.30%
S&P 500 Futures 4,383.75 -28.00 -0.63%
Nasdaq Futures 14,880.75 -157.00 -1.04%

 

U.S. stock futures dropped. Investors are concerned about how the Delta variant could impact the global economy. 

U.S. Dollar and Treasuries

Treasury yields fell as investors divested from the stock market. The dollar weakened.

Price, $ Chg. Chg. %
U.S. Dollar Index (DXY): 91.83 0.03 -0.03%

 

YIELD  CHANGE 
US 1-MO 0.046 UNCH
US 1-YR 0.066 UNCH
US 2-YR 0.196 -0.005
US 5-YR 0.713 -0.017
US 10-YR 1.249 -0.02
US 20-YR 1.818 -0.017
US 30-YR 1.9 -0.016

 

Treasury yields: Yield today Previous Yield
3 Month Treasury 0.04% 0.05%
2 Year Treasury 0.20% 0.20%
5 Year Treasury 0.73% 0.74%
10 Year Treasury 1.27% 1.26%
30 Year Treasury 1.92% 1.91%

 

Stocks To Watch

Stocks of a medical tech company Adrelyx were up in premarket trading after losing more than 70% of their value on Thursday’s trading when the U.S. Food and Drug Administration declined to approve the company’s Tenapanor drug application. The company sought approval for Tenapanor’s use for controlling the serum phosphorus in patients on dialysis.

Erytech Pharma was granted a U.S. FDA fast track designation for its Eryaspase treatment for hypersensitivity reactions to pegylated asparaginase, which is used to treat leukemia.

New Oriental Education is still trading at a higher volume, after the Chinese education tech crackdown.

Stocks of NanoVibronix Inc were stable after increasing more than 30% in Thursday’s trading. The company announced receiving registration approval for UroShield from Australian regulators. UroShield is designed to prevent bacterial formation in catheters.

Xenetic Biosciences was stable after increasing more than 65% in Thursday’s regular trading hours.

Symbol Price $ Chg. Chg. % Volume
Ardelyx Inc ARDX $ 1.95 +0.24 +14.04% 4.61M
Erytech Pharma ADR ERYP $ 7.17 +3.06 +74.45% 3.02M
New Oriental Education EDU $ 2.16 -0.05 -2.26% 1.48M
NanoVibronix Inc NAOV $ 2.39 -0.02 -0.83% 1.02M
Xenetic Biosciences XBIO $ 5.3 0 0% 950.14K

 

Commodities To Watch

Oil prices fell as investors anticipated the Delta variant to hurt global demand. Gold fell slightly in premarket trading.

Price Chg. %
WTI Crude Oil $ 73.44 -0.24%
Brent Crude Oil $ 74.93 -0.23%
Natural Gas $ 3.99 -1.60%
Gold $ 1,827.60 -0.20%
Corn $ 552.00 -0.81%

 

Crypto

The global crypto market cap decreased by -1.55% in the last 24 hours. German authorities announced that they will allow certain institutional funds to invest up to 20% of their capital into cryptocurrencies.  

Symbol Price Chg. % Market Cap.
Bitcoin BTC $ 38,844.34 -2.99% $ 729.15 billion
Ethereum ETH $ 2,351.11 +1.89% $ 273.86 billion
Tether USD USDT $ 1.00 +0.05% $ 62.01 billion
Binance Coin BNB $ 309.93 -1.31% $ 47.01 billion
Cardano ADA $ 1.26 -1.05% $ 39.33 billion
Ripple XRP XRP $ 0.7230 +2.32% $ 31.87 billion

 

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